India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
"During the first 11 months of 2003-04 fiscal, India imported 82.29 million tonnes of crude for $16.39 billion (Rs 75,387 crore) and we are likely to end the fiscal with imports of 89.77 million tonnes," Petroleum Secretary B K Chaturvedi said.
In April-February 2002-03, India imported 74.94 million tonnes of crude oil for $14.28 billion (Rs 69,113 crore).
Petroleum products imports in 2003-04 are likely to be 7.33 million tonnes (6.72 million tones in April-February), while export of petroleum products is likely to be 13.7 million tonnes ($3.8 billion), he said.
Petroleum product exports in first 11 months of 2002-03 fiscal were about 10 million tonnes valued at $2.2 billion.
Chaturvedi said public sector refiners imported 55.4 million tonnes of crude oil for $11.29 billion (Rs 51,938 crore) in April-February as against import of 49.4 million tonnes for $9.66 billion (Rs 46,760 crore) in the same period last fiscal.
India's sole private sector refiner Reliance Industries Ltd imported 26.88 million tonnes of crude for $5.1 billion (Rs 23,449 crore) as compared to 25.49 million tonnes imported for $4.61 billion (Rs 22,353 crore) in first 11 months of 2002-03 fiscal, he added.